The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1887-06-03

alton under the first section of this act
upon only 80 much of the value of the
personal property therein enumerated
as it shall be found to own or hold
after such deduction of its paid-up cash
capital from the total amount Of its
assets as aforesaid, but nothing herein
contained shall operate to exempt any
corporation having lis loans outstand-
ing from collecting and paying to the
state treasurer the tax thereon under
the provisions of the third section of
this act; and no company paying the
taxes on capital stock under this Sec
tion and on gross receipts under the
twenty-sixth section of this act shall
pay tax for state purposes upon any
portion of its roadbed or other pro-
perty used for corporate purposes.
PRIVATE BANKS.
Section 25 provides that every pri-
vate banker and broker and every un-
incorporated banking and saving ip-
stitution not subject to the tax i'm
posed by section "a shall annually on
the first Monday of November report
to the auditor general the amount of
net earnings or incomes during the
preceding year, and within sixty days
thereafter pay to the state treasurer
per cent. upon such earnings in addi-
tion to any taxes on personal property
to which it may be subject under Sec
ton 1.
Section 26 provides that every rail-
road company, pipeline company, con-
duit company, steam boat company,
slackwater navigation company, trans
portation company, street passenger
railway company, express company,
natural gas company, electric light
company, palace and sleeping car COM
pany, doing business 10 the state shall
pay tax Of eight-tenths of / per cent.
upon the gross receipts of the COM
pany, the tax to be paid on the last
days of July and January in each year,
the first payment to be made on the
last day of July, 1887. When any
company exercises the right to mine
or purchase and sell coal the receipts
from such sale shall not be taxed, but
sums charged for transportation shall
be taxed as part of the gross receipts
of the company. That in any case
where the works of one corporation,
company or limited partnership are
leased to any operated by another cor
poration, company or limited partner.
ship the taxes imposed by this section
shall be adjusted between the said cor.
porations, companies or limited part
nerships in accordance with the terms
of their respective leases or agreements
but for the payment of the said taxes
the commonwealth shall first look, te
the corporation, company or limited
partnership of tax upon the entire
receipts derived from the operation
thereof the corporation, company Oh
limited partnership from which tn.
said works are leased shall not be helt
liable under this section for any ta1
upon the proportion of said receipts
received by it as rental for the use o.
said works.
| INSURANCE COMPANIES.
Section 81 provides that all insur
ance companies, except purely mutua
benefit associations, shall report to tn,
auditor general on the first days o.
July and January in each year the en-
tire amount of premiums and assess
ments received during the preceding
six months, and shall pay a tax O
eight-tenths of per centum on sucl
amount. Hereafter the annual tai
upon the premiums of insurance com
panies of other states or foreign gov
ernments shall be at the rate of on
and one.half per centum upon gros
premiums of every character and de
sciiption received in this state.
Section 28 provides that one-half tn,
taxes imposed by section "a shall un
til November l, 1898, be assigned I,
the sinking fund Of the com
monwealth, and after that time tn,
whole of the revenue from this sourc,
shall be assigned to the sinking fund
and the other half of the revenue un
der section "a until November l, 1898
and all other taxes imposed by this ac
and the revenues derived therefrom
shall be applicable to the payment o
the ordinary and current expenses o
the government.
Section 20, 80, 81, 32, 33, 35 and 8
are mainly administrative, or provid
penalties, repeal existing laws, etc. II
terest on unpaid taxes is to be comp
ted at the rate of 2 per cent.per annun
all taxes are to be liens upon the frar
chises and real and personal propert
of corporations; no corporation is
be dissolved until the taxes due by
to the commonwealth have been pait
| Section 39 provides that nothing
the act shall be taken or construed {
alter or repeal existing laws licensin
and taxing foreign insurance compan
les, or imposing taxes upon cOllaters
inheritances, or imposing any license
bonus or tax other than those express
| ly referred to or provided for in thi
act.
Section "a provides that hereafte
no manufacturing corporations or limi
ed partnership organized for manufac
uring purposes shall be taxable upo
any part Of its capital stock actual
employed within this commonwealt
in any manufacturing business or NJ
on its net earnings. Provided, this
the provisions of this section shall nc
apply to corporations engaged in tn
manufacture of malt, spirituous {
vinous liquors, or in the manufactui
or furnishing of light or fuel by gas {
electricity.
| Washington Bellies and Bores.
| A celebrated Washington bell,
whose attractions invited such marke